Shaw borrows a billion


Shaw Communications announced that it has entered into a five-year $1 billion bank credit facility having a maturity date in January 2017. The new credit facility replaces one which had been scheduled to mature in May 2012.

The new loan was issued by a syndicate of 10 financial institutions, including The Toronto-Dominion Bank as lead arranger and sole bookrunner, Canadian Imperial Bank of Commerce, Royal Bank of Canada and The Bank of Nova Scotia as syndication agents and Bank of Tokyo-Mitsubishi as documentation agent.

Shaw Communications is one of the largest broadcasters, satellite TV and cable system operators in Canada. Its stock trades on both the Toronto (TSX) and New York (NYSE) exchanges.

Shaw’s fibre optic network serves more than 3.4 million customers for its broadband cable television, High-Speed Internet, Home Phone and telecommunications services, plus its satellite direct-to-home services. Shaw Media operates one of the largest conventional television networks in Canada, Global Television, and 18 specialty networks including HGTV Canada, Food Network Canada, History Television and Showcase.